Binance Will Support Cardano Network Through Alonzo
Amid the expected Cardano hard fork called Alonzo, the biggest crypto exchange Binance declared its intention to help Charles Hoskinson's team.
On the night of September 12-13, a major update is planned on the Cardano blockchain that will activate the functionality of smart contracts. It will significantly expand the capabilities of DeFi applications developers. Binance representatives, in turn, were quick to announce their support for Cardano at the launch of Alonzo, to reduce the load on the network.
Half an hour before the update at 21:13 UTC, the cryptocurrency exchange intends to pause all deposits and withdrawals of ADA coins. At the same time, according to the Binance team, this will not affect the token trading in any way. Deposits and withdrawals will become available when Binance is convinced of the stable operation of the ADA blockchain. In case of any problems, users will be notified both on the official website of the exchange and in all accounts on social networks.
Last week was marked for Cardano not only by preparing for Alonzo in the form of introducing smart contracts into its test blockchain but also by securing a new all-time high above the $3 mark. Ahead of the hard fork, the ADA price on Huobi is $2.58. But she can get some solid growth right after activating Alonzo, which is so eagerly awaited by ADA fans.
Unfortunately, testing smart contracts in the Cardano network was not without bugs. The first application DEX Minswap faced a “concurrency problem” when only one network participant could perform actions within one block with a smart contract.
However, Miswap developers, who have been working with the Cardano blockchain in the DeFi field for six months, clarified that this problem is more of a “cosmetic” nature and is not a fundamental error. According to them, this will not be a critical obstacle for competent developers of decentralized applications.
The team of another decentralized exchange based on Cardano, Sundaeswap, said it was able to fix the problem. They also added that the network allows tens of hundreds of transactions to be passed within the block, ironically noting that “rumors of Cardano's death are greatly exaggerated”.
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